Stock-market reaction to growth-induced dividend cuts: Are investors myopic?

This paper focuses on shareholder reaction to growth-motivated dividend cuts and omissions. The results reveal that although growth announcements mitigate the capital loss induced by dividend decreases, the stockmarket response to growth-oriented dividend cuts is still strongly negative. However, the capital loss suffered by investors is significantly reduced when dividend cuts are accompanied with stock dividends. Two potential explanations of the results are explored: (1) shareholders find the immediate benefits of stock dividends more attractive than the potentially higher future rewards of investment opportunities; and (2) shareholders overreact to dividend announcements. Analysis of the performance of the firms for two years following the dividend cut indicates weak support for the overreaction hypothesis.     

Selling shares to retail investors: auction vs. fixed price

We analyze the problem of selling shares of a divisible good to a large number of buyers when demand is uncertain. We characterize equilibria of two popular mechanisms, a fixed price mechanism and a uniform price auction, and compare the revenues. While in the auction truthful bidding is a dominant strategy, we find that bidders have an incentive to overstate their demand in the fixed price mechanism. For some parameter values we find that the fixed price mechanism outperforms the auction.     

如何保护中小投资者的利益

我国证券市场繁荣发展的基石是有效保护投资者的利益,而其中最主要的是保护中小投资者的利益,股票市场的中小投资者地位处于劣势,加之我国股票市场的不规范,企业筹资理念的错位,使其利益经常遭受侵犯,文章结合一些案例,对侵犯中小投资者利益的手法进行了剖析,并提出了相应的保护中小投资者利益的若干措施。     

Informal investors in the Ottawa-Carleton region: experiences and expectations

This research reports on the investment experience of a sample of informal investors in the Ottawa-Carleton area who have made 156 investments involving $16 million between 1981 and 1986. In addition, the expectations and requirements of these investors with respect to future investments are presented. It is found that investors surveyed seemed to hold realistic expectations regarding the outcome of their risk capital investments. It is also found that the informal marketplace for risk capital is both a local and a personal marketplace. Whereas our knowledge of the characteristics and motivations of informal investors remains incomplete, questions are raised regarding the impact of various public policy incentives that seem to have been targeted at informal investors. An agenda for future research is specified.     

Can we expect institutional investors to improve corporate governance?

The purpose of this paper is to investigate the way institutional investors use information for equity-investment purposes, and to discuss the implications that this may have for the role of these investors as owners of public companies. On the basis of an empirical study, the paper reports that institutional investors tend to use very little of the available information regarding listed companies, and to simplify their forming of expectations. They managed this by setting a priori limitations on the investment alternatives, by relying on highly trusted external advisors, and by overemphasising the quarterly updating of the spreadsheet model. It is argued in the paper that if institutional investors are assigned a leading role in corporate governance, their heavy dependence on external advisors and their over-emphasis on quarterly financial information, may have negative implications for the management of listed companies.     

Institutional investors and industrial relations data: an empirical survey

Financial institutions play a major role in investing funds in the shares of individual companies. To what extent do investment managers and analysts take account of industrial relations information when making their decisions?     

Individual versus institutional investors and the weekend effect

Since the late 1980’s, considerable research has focused on the behavior of individual versus institutional investors and the potential patterns which may emerge from their trading activities. Miller (1988) and Abraham and Ikenberry (1994) posit that the tendency for negative Monday returns on equity (i.e., the weekend effect) is at least partially explained by the trading behavior of individual investors. Sias and Starks (1995), on the other hand, present empirical evidence showing a dominant role played by institutional traders. This study contributes to the literature by distinguishing between individual versus institutional trading as it relates to the weekend effect. We find that the information-processing hypothesis is consistent with observed institutional trading patterns, thus supporting the results of Sias and Starks (1995). In addition, these results are shown to be robust with respect to market type (i.e., auction and dealer markets).     

城市商业银行市场化之路

作为改革开放重要成果之一的城市商业银行的出现和发展，在很大程度上补充了国有商业银行的不足，推动了整个银行业从计划垄断经营向市场竞争经营转变。城市商业银行发展前景良好，但从抗风险能力、经营水平等诸方面因素看，中小商业银行市场化还需要走很长的路。     

借助PDSA方法获得最高荣誉

力场分析、双向沟通、SWOT分析,这些术语对制造业、服务业甚至从事卫生保健行业的质量专业人员来说都是非常熟悉的。但对教育界来说就未必了。     

A new method to decompose profit efficiency: an application to US commercial banks

We propose a new method to estimate profit efficiency which makes explicit how revenue and cost efficiencies contribute to overall profit efficiency. Using data from US commercial banks from 2001 to 2010, we find that losses due to profit inefficiency represent about 3.5% of banks’ equity of which 1% is due to revenue inefficiency and 2.4% to cost inefficiency. Revenue efficiency changes affect more overall profit efficiency than equivalent cost efficiency changes. In contrast to previous studies, but in line with economic intuition, we find that while revenue and cost efficiencies tend to be negatively correlated, both correlate positively with profit efficiency.     

银行应如何评价企业偿还能力

本文结合企业实际情况 ,从偿债能力、资产结构与周转情况、现金来源和还贷可能性、贷款方对外债务担保以及担保人情况等几方面 ,较全面地分析、评价了贷款企业的还贷能力。     

Individual investors surpass their reputation: Trading behaviour on the Polish futures market

This paper examines individual investors’ trading behaviour by testing the presence of Monday and January anomalies on the Polish futures market, where individuals are the predominant trader type. Both anomalies are well established in the literature, and they are at least partially attributed to individual investors’ trading activities. We conduct an intraday analysis of trading volume, open interest, returns, and return volatility on the futures market in Poland and find the contribution of individuals to market anomalies to be grossly overstated. Hence, individual investors’ trading on the Polish futures market surpasses the prediction by the majority of investigations for mature stock markets.     

Technical efficiency of Norwegian banks: The non-parametric approach to efficiency measurement

The nonparametric frontier methodology is applied to a sample of banks, where output levels are measured either by the number of accounts and their average size, or by the total balances of the accounts. The efficiency rankings of individual banks are found to depend substantially on our choice of output metric, whereas the estimated size of potential productivity improvements in the banking sector are less affected. The results on economies of scale are also largely unchanged.The refereeing process of this paper was handled through S. Grosskopf.     

ABB：节电从上游开始

“我们建造的三条高压直流输电线路将电从中国西部的三峡输送到急需能源的东部，第一条线路可为近600万户家庭供电。由于这种技术可以减少电力损耗，每条线路可节约电力78兆瓦，相当于156000户家庭的用电量。三条线路所节约的电能可供中国近50万户家庭使用。”ABB集团总裁兼首席执行官金乐不久前对采访记者说，ABB作为一个优秀的企业公民正在全力支持中国创建节约型社会。     

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